Dogecoin - a memes-based cryptocurrency - rose almost 30% overnight after Elon Musk-led Twitter replaced its legacy blue bird logo with that of the shiba inu breed dog representing 'doge' as a meme.
On April 3, Dogecoin was trading at $0.076 cents (that's 70% of one cent) only for it to catapult to over a one cent briefly on April 4. While it currently trades 3% lower over what it was 24 hours ago - trading at 0.097 cents, it is still 31% higher than its price over just two days ago.
The jump is noteworthy as it is one of the most significant it has seen in a post-pandemic and lukewarm cryptocurrency market. It is nowhere near the highly erratic changes it used to see in 2020 and 2021, when it rallied up to 70 cents in May 2021, a lifetime high.
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The new logo is seen in the top left placeholder when users log into Twitter's web client. It is also seen as the loading screen when users refresh Twitter. However, it is yet to show up on mobile or on any other Twitter client.
The official corporate websites of Twitter have also not changed the bird.
But the change in logo largely remains unexplained from Twitter's end, though the move resembles Musk's tendency to bring about such radical and often comical changes unexpectedly. It remains unclear if the new doge logo will permanently supplant the legacy blue bird.
He also unexpectedly tweeted about the change of the logo.
However, in 2021, Musk had joked about buying Twitter and changing its logo to the that of the shiba inu dog, which he also tweeted about after the change was made.
Dogecoin is a cryptocurrency that is based on a meme-dog of the shiba inu breed. It started off as a meme and a literal joke in 2013, when it became a spoof cryptocurrency as a take on the booming rudimentary cryptocurrencies at that time.
Also Read: Investing In Dogecoin: A Joke Or Serious Cryptocurrency Option
A $278 billion doge lawsuit
Musk's affinity with dogecoin as a cryptocurrency was seen on full display during the COVID-19 pandemic when he used to openly tweet about supporting dogecoin to the point where he was seen as a messianic figure in the cryptocurrency space.
His mere tweets would send cryptocurrencies like bitcoin and dogecoin up in the double digit percentages and impact the prices of stocks like Tesla. For instance, he tweeted in 2021 that Tesla would consider accepting dogecoin to settle payments for their electric cars, and that he was working with dogecoin to improve its efficiency.
Also Read: Tesla & Dogecoin: 7 Elon Musk Tweets That Impacted Stock, Crypto Prices
The timing of this logo change is also peculiar as Musk and his company Tesla currency face a lawsuit worth $278 billion filed by dogecoin investors, accusing him of running a pyramid scheme. The suit says that he used his social media clout to rally the cryptocurrency up to 36,000% and then crash it.
"There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion," Reuters has quoted Musk's lawyers saying. "This court should put a stop to plaintiffs' fantasy and dismiss the complaint."
The Dogecoin Foundation, is also a defendant in the suit who wants the case dismissed.
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